Our December Newsletter includes information about the upcoming temporary rise in Annual Investment Allowance, a reduction in Business Rates for small retail businesses, the IR35 reforms set to cost contractors more in tax and the national insurance rise for higher rate earners.
ANNUAL INVESTMENT ALLOWANCE TO RISE TO £1M
From 1 January 2019 the annual investment allowance is set to temporarily increase from £200,000 to £1 million, this will allow businesses to gain more tax relief on their investments.
SMALL RETAILERS GET BUSINESS RATES BOOST
Small retail businesses in England will see a reduction to their business rates, as announced in Budget 2018.
IR35 REFORMS TO BE EXTENDED TO THE PRIVATE SECTOR
Contractors could face a higher tax bill from April 2020 when reforms to IR35 legislation are set to take effect in the private sector.
HIGHER-RATE EARNERS HIT BY NATIONAL INSURANCE RISE
Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a Budget measure not mentioned in the Chancellor’s speech.
